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Is a Home Based Business the Right Choice For You?

Updated on February 22, 2017

Is Working From Home Right for You?

This article was written to help you to find the career path that is right for you and to develop a framework of knowledge and skills that will help you succeed in working from home, in developing a home based business.

Many people worry that trying to operate a home-based, or other small business is beyond their reach. Those people could be right. Relying solely on income that you receive from your small business is a risk. If you are one of these individuals who feel the risk outweighs the benefit, you might investigate companies that allow you to work from home as an alternative.

But, you might think, sometimes the benefits do outweigh the risks.

Plan for Success in Business

For greater success, put your best foot forward from the beginning when developing a home based business
For greater success, put your best foot forward from the beginning when developing a home based business | Source

Look Before You Leap

It is tempting to jump right in, but most people who succeed in developing working at home take some time to do some preliminary work before committing. There are thousands of opportunities being offered on the Web. Some are legitimate, and some are not so legitimate.

Before spending your valuable time and money, why not take some time now to find out if owning your own home enterprise is right for you?

Elements of Success

Smart Art graphic illustrating some of the qualities of succesful business owners.
Smart Art graphic illustrating some of the qualities of succesful business owners. | Source

Keep Good Business Records

Keeping good records is a vital part of success in any home based business.
Keeping good records is a vital part of success in any home based business. | Source

Ask yourself some questions.

Take some time now to write down your answers to the questions below. Doing this will help you to find out if this career path is right for you, and help you to determine the types of home based business opportunities you may want to consider. There are no right or wrong answers. The most important aspect of this exercise it that you be as realistic as possible with your answers.

  • Why do you want to be an entrepreneur? Do you want more creative freedom than your current job allows? Perhaps you want to be more available to your family. Some people just relish a good challenge.
  • How much time are you willing / able to commit? There are business opportunities available that require varying degrees of time commitment. Taking the time to answer this question thoughtfully will help you to determine what type of small business ventures you want to consider.
  • Are you able to create uninterrupted time each day? Most home business require at least some time each day that is devoted solely to conducting business activities. One stumbling block that often occurs, however, is in setting boundaries with family and friends. When you are working at home, it may seem to them that you can just drop everything and do whatever you want, whenever you want. When it comes to succeeding with your venture, setting boundaries is an important thing to consider.
  • How are your record keeping skills? Keeping accurate records is an essential part of success in any business. If you don't have a lot of experience in this area, don't worry. You can educate yourself by reading books and doing research online. There are a number of very simple systems that small business owners use when they are just starting out. The key element is consistency. One simple method is commonly known as the "shoe box method". Other methods are available, or you can design your own. Investing in a computer program such as QuickBooks™ may be beneficial.

Make Money While Providing a Valuable Service or Product

Earning a living is important, but consider other valuable aspects such as quality of life.
Earning a living is important, but consider other valuable aspects such as quality of life. | Source

Find books on accounting and business

Believe in Yourself

It truly is possible to succeed in developing your home based business. Take some time to think about what success means to you. Of course, you want a great money making opportunity. You want to have a great income. But there are other elements to consider, such as creating a home based business that is honest, rewarding, and provides a really useful service or product to others.

Everything worthwhile takes a little hard work and perseverance. Don't give up, and remember that success is in the details.

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  • Nancy Owens profile image
    Author

    Nancy Owens 5 years ago from USA

    Thank you for taking the time to read, Writer Fox, and for the kind words. I learned from experience to look before leaping!

  • Writer Fox profile image

    Writer Fox 5 years ago from the wadi near the little river

    Good information, Nancy.

  • profile image

    bgawenit 5 years ago

    I think this is really good information for anyone considering starting a small business. I really like your visuals.

  • Nancy Owens profile image
    Author

    Nancy Owens 5 years ago from USA

    Thank you for the kind words, Cyndi10. I'm glad you found it useful. Working from home can be very satisfying. Since I am new to HubPages, and I see that you have some experience here, do you have any advice for me on getting along in this new environment?

  • Cyndi10 profile image

    Cynthia B Turner 5 years ago from Georgia

    This was a very useful hub. As part of one's goals, you should know why you are entering any type of business. I suppose it would be more important in the home business than any other. Thank you for sharing. Welcome to Hubpages.

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